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Bitcoin Price Prediction: BTC/USD Price Stable Above $9,300 But Can It Climb Again?

Bitcoin (BTC) Price Prediction – June 12

Bitcoin price is trading nicely above the $9,300 and the coin must climb above the $9,500 resistance to continue higher.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $10,400, $10,600, $10,800

Support Levels: $8,300, $8,100, $7,900

BTCUSD – Daily Chart

BTC/USD started improving, although many coins are following the footstep of Bitcoin as well. The Bitcoin price also reflected a similar movement as the coin improve in price movement at the moment. Within the first few hours of today’s trading, BTC/USD has moved up from $9,248 to $9,572 and now $9,474.

However, BTC/USD is struggling to climb higher above the $9,600 and $9,800 resistances as the pair may be settling in a tight range between $9,000 and $9,400 below the 9-day and 21-day moving averages. In addition, this weekend session is seeing Bitcoin and other major cryptos exchanging on a sour tone.

Moreover, if the market decides to go down, Bitcoin’s price may drop to $8,500, and should this support fails to contain sell-off, we may see a further drop to $8,300, $8,100 and potentially $7,900. More so, the resistance levels to watch are $10,400, $10,600, and $10,800 respectively. Meanwhile, the stochastic RSI faces the oversold zone, suggesting more bearish signals.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

Looking at the chart, BTC/USD is clearly facing a lot of resistance near the $9,500 and $9,600 level. A successful close above the $9,500 level is a must for bullish acceleration. If not, there is a risk of a downside extension below the $9,200 support. If there is a downward move, initial support is near the $9,300 level and the main support is near the $9,200 level, below which there is a risk of another decline towards $9,000.

BTCUSD – 4 Hour Chart

Furthermore, if there are more gains, the $9,500 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $9,600 resistance, the next stop for the bulls may perhaps be near the $9,700 and above as the RSI (14) moves above 40-level, which indicates that a bullish trend may come into play.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.